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Energy Market Insights: Natural Gas

Our Executive Director of Energy Products, Jeff White explains a new variable in the natural gas market and what traders need to focus on during the winter trading season.  

WTI Options Liquidity During European Morning Hours

Highlights:

  • Over 80% of WTI Options (LO) volume electronically traded for a year and a half
  • WTI Options volume during non-U.S. represented 14% of total LO volume during October 2018
  • 46% of total WTI Options (LO) electronic volume is a result of on-screen spread trading via RFQ in October 2018

New Expiration Rules for Options

Highlights:

The new options expirations rules include the elimination of contrary exercise instructions for all physically-settled Crude Oil, Natural Gas, Refined Products, and Metals options contracts that expire after January 1, 2018.  Brent (BZO), Coal, Power, and Emissions options are excluded.

In addition, for exact at-the-money settlements, the auto-exercise rule has changed. If the underlying settlement price falls exactly on a strike price at expiration, the at-the-money calls will be exercised and the at-the-money puts will be abandoned.

For More Information:

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LO LO - LO Crude Oil Options Crude Oil NYMEX 274,352 3,228,603
LN LNE - LN Natural Gas Options (European) Natural Gas NYMEX 87,505 2,262,513
BE BE - BE Brent Last Day Financial (European) Options Crude Oil NYMEX 20,139 123,685
WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Options Crude Oil NYMEX 18,900 453,325
AO AAO - AO WTI Average Price Options Crude Oil NYMEX 5,060 343,430
LO1 LO1 - LO1 Crude Oil Weekly Options Wk 1 Crude Oil NYMEX 4,901 263
BZO BZO - BZO Brent Crude Oil Futures-Style Margin Option Crude Oil NYMEX 4,555 221,683
ON ON - ON Natural Gas Options (American) Natural Gas NYMEX 3,916 197,720
G4 G4X - G4 Natural Gas (Henry Hub) Last-day Financial 1 Month Spread Options Natural Gas NYMEX 2,735 73,110
OH OH - OH NY Harbor ULSD Option Refined Products NYMEX 1,711 54,345
Trade Date: 07 Dec 2018 | PRELIMINARY

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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